Information on the Salt Lake City Real Estate market

Salt Lake Home Prices Hit New Highs in the 1st Quarter

The 1st quarter was great for the Salt Lake Housing Market, with if anything prices accelerating rather than slowing down.

The median sales price for a Salt Lake County property surged double-digits with an increase of over 11% to stand at a new record high of $362,000. The number of sold homes increased by 3.42% and they also sold 22% faster.

Single-Family Homes

The median sales price for a single-family home hit $400,000 for the first time. In fact, it was spot on $400,000, with 2417 sales (down 0.86%) and a median day on the market of 27 days (improvement of 22.86%).

What really stood out in the quarter was that some areas experienced really large increases, including the already expensive Avenues area of Salt Lake which went to over 38%.

Best Performing Single-Family Home Zip Codes
84103 Salt Lake Avenues Up 38.51% to $820,000
84111 Salt Lake City Up 38.05% to $426,250
84115 South Salt Lake Up 21.77% to $330,000

Condos

Just like the rest of the market condos also did well, the median sales price increased 10.34% to $242,750, while there was an increase in the number sold with 378 sales up 4.13%. The median time taken to sell a condo improved to just 15 days.

Best Performing Condo Zip Codes
84115 South Salt Lake Up 62.20% to $319,990
84117 Holladay Up 31.89% to $281,,906
84123 Taylorsville/Murray Up 18.78% to $215,000

Summary

While the real estate market performed exceptionally in the 1st quarter of 2020 there is one major impact that at the moment is a total unknown. COVID 19 hit the U.S. and Utah too late in the quarter to impact 1st quarter numbers but we will certainly see a slowing in the 2nd quarter.

This slowing may be short or could be more serious, depending upon how soon the economy can rebound.